Russia’s international reserves fall below $400 billion to 5-year low

Russia’s international reserves fell by $15.7 billion in the week of December 13-19 to $398.9 billion, the Central Bank of Russia reported on Thursday.

Russia’s international reserves fell by $15.7 billion in the week of December 13-19 to $398.9 billion, the Central Bank of Russia reported on Thursday.

During the previous week (December 5-12) the reserves fell by $1.6 billion.

Russia’s international reserves have fallen below the $400 billion mark for the first time since August 2009.

During the crisis of 2008-2009, the country’s international reserves were seen to plummet to as low as $376 billion (mid-March 2009). In late December 2013, the reserves amounted to $511.6 billion.

Russia’s international reserves are highly liquid foreign assets managed by the Central Bank of Russia. They comprise foreign currency, Special Drawing Rights (SDRs), a reserve position in the International Monetary Fund and monetary gold.

Russia also has two oil wealth funds - the National Welfare Fund ($79.9 billion or 5.5% of GDP) and the Reserve Fund ($88.91 billion or 6.1% of GDP).